Tenet Announces Agreement To Sell Hollywood Presbyterian Medical Center
Santa Barbara-based Tenet Healthcare has announced an agreement to sell Hollywood Presbyterian Medical Center to CHA Medical Group, the Los Angeles Times reports. Under the terms of the agreement, which is valued at $69 million, CHA will continue to operate the 434-bed facility as a full-service, acute-care hospital with a 24-hour emergency department. The facility, formerly known as Queen of Angels, is one of the 27 hospitals Tenet in January announced plans to sell.
CHA -- headed by Kwang Yul Cha, a fertility specialist -- owns hospitals, a medical school and a research institute in South Korea (Girion, Los Angeles Times, 11/11).